Here's some help for parents looking to scale back and prioritize spending:

When to Skimp1. Helmets
If your toddler rides around on a scooter or bicycle, you need to look after her noggin. The good news is that you don't need to spend a lot on a helmet to get good head protection. "The Bicycle Helmet Safety Institute bought and tested six helmets-ranging in price from less than $10 to more than $200-and found they performed almost identically on standard impact tests," according to ShopSmartmagazine, which is owned by Consumer Reports. Just make sure you purchase head gear that fits well.

2. Toddler Beds
Once your little monkey starts climbing out of his crib, it's time to move him into a big kid bed. But that doesn't mean you have to spend $200 (or more) on a finely crafted toddler bed. Since the shelf life on these tiny cots is so short -- maybe a year? -- you might as well skimp and purchase a $60 frame from Target or Walmart instead.

The reality is that you could save even more money by skipping the toddler bed altogether. That's because Baby Bargains' Alan Fields says little ones can go straight to a twin mattress.

When to Splurge Classic ToysClassic toys like building blocks, stacking rings, and peg boards aren't only iconic, they're also safer. Let's face it: toddlers love to put things in their mouths. High-quality, wooden items are less likely to break and cause fewer choking hazards, or have toxic lead paint, according to Dr. Ari Brown, a pediatrician and co-author of Toddler 411.